Business startup
Most popular forms of companies in Lithuania are:
o Joined stock company (“UAB“)
o Public establishment („VSI“)
- see company establishment prices
In more detail:
o Joined stock company (“UAB“)
This form of the company is the most popular for among the private limited liability companies. Requirements for establishment of UAB are:
- The UAB is an enterprise whose statutory capital is divided into shares.
- The UAB is a legal person with limited shareholder liability.
- Amount of shareholders: 1 – 250 natural or legal persons (Lithuanian citizenship/residence/registered seat is not a requirement).
- Minimum amount of authorized capital – 10 000 LTL (approx 2 900 Eur), to be fully paid prior to registration of the company.
- Forms of corporate governance:
Mandatory: general meeting, manager.
Non - Mandatory: supervisory board, board.
Lithuanian citizenship is not a requirement for member of any body of corporate governance.
- UAB must have the Statute of the company - the legal document governing the conduct of the company's business.
o Public establishment („VSI“)
VSI is the most popular form for public companies. Public establishment (VSI) is a non-profit public legal person of limited civil liability.
- VSI must have the Statute of the company - the legal document governing the conduct of the company's business.
- Amount of stakeholders: unlimited number of natural or legal persons (Lithuanian citizenship/residence/registered seat is not a requirement).
- VSI has the right to pursue the economic and commercial activities which are not prohibited by laws and which are inseparably connected with the objectives of VSI activities thereof.
- A public establishment has the right to set up unlimited number of branches and representative offices in the Republic of Lithuania and in foreign states.
- A public establishment must have at least one bank account (no minimum authorized capital requirement).
- Bodies of corporate governance – mandatory general meeting of stakeholders and a single-person management body − the head of the public establishment, other bodies upon stakeholders decision.
- There are legal restrictions to VSI activities. A public establishment is not allowed:
1) to allocate earned profit for other objectives of activities than specified in the articles of association of the public establishment;
2) to transfer, free of charge, the assets of the public establishment into the ownership or under a trust or loan for use contract to a stakeholder of the public establishment or to a person related thereto;
3) to borrow funds at interest from its stakeholder or from a person related thereto;
4) to safeguard the discharge of the obligations of other persons.
An association is a public legal person of limited civil liability whose purpose is to coordinate activities of the association members and to represent interests of the association members or to meet other public interests.
- The minimum number of founders of an association is three natural persons who have reached 18 years of age or three legal persons or a combination of natural and legal persons. The founders of an association shall draft statutes and convene a founding meeting in which statutes shall be adopted and at least one management body shall be set up.
- An association can carry out economic - commercial activity , which is not prohibited by the law, does not contradict its statutes and the purposes of activities and is necessary to achieve its purposes.
- An association must have a general meeting of members or any other body (conference, assembly) and the management body (sole or (and) collegiate) An association must have a registered office in the Republic of Lithuania and at least one account in a credit institution.
Our services
o Establishment of Joined stock company (“UAB“), Public company („VSI“) or Association.
We offer standardized procedures for starting – up one of the 3 most popular forms of the legal entities in Lithuania. Please contact us to receive the suggested steps for establishing the company.
o Establishment of any other form of legal entity in Lithuania.
Please contact as if you need assistance establishing any other form of the company in Lithuania.
Prices for the company start – up services
We offer capped fee for the establishment of the company *:
1. Joined stock company (“UAB“) – 1.000 LTL (290 EUR), notary and registration fees are approx 700 LTL (203 EUR).
2. Ready-made Joined stock company (“UAB“) - 2.500 LTL (720 EUR); additional 10.000 LTL (2.900 LTL) as authorized capital.
3. Public company („VSI“) - 1.200 LTL (348 Eur), notary and registration fees are approx 600 LTL (174 EUR).
4. Association – 1.200 LTL (348 Eur), notary and registration fees are approx 700 LTL (203 EUR).
* Every legal entity, established and operating under the laws of Republic of Lithuania must have the registered office in the real estate situated in Lithuania. In case you do not posses real estate in Lithuania we would be happy to assist you with acquiring formal registration address in Vilnius city for 300 LTL (87 EUR).